Strategic Real
Estate Development
Margaret Jarrell Cole
AVP, Admin. and Legal Counsel
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Overview
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Real Estate Goals
Financing Structure
Guidelines for Developers
Project Review
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Goals
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adjacent land for future growth
control of landscape
cash flow
student experience
– student services programs
– freshmen on campus
• community partner
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Possible Advantages
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ad-valorem tax exemption
tax-exempt financing
access to UCF customers
credibility
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Additional Considerations:
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demand
mixed use or special interest
precedence with other projects
reliance on proformas
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Guidelines for Projects
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acceptable debt coverage ratios
reserves
predevelopment costs
developer fee to foundation
developer motivation
– land (appraisal)
– development fee
– timing
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foundation vs. developer
foundation vs. developer
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Guidelines
• UCF team
– planning
– fee
– expenses
• Housing and Student Services
• Police Department
• Physical Plant, Parking,
and Teledata
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Guidelines
• security
• donation and match rules
• approval process
– BOD
– BOT
– BOG
– planning and zoning
– neighbors
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Guidelines
• development agreement terms
• ground lease or other agreement
• balancing control by owners, users
and investors
• media liability
• exempt organization issues
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Resources
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balance sheet and shadow
financial and legal advisors
staff commitment
community relations
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McCulloch & Lockwood
Project
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Is your name on the project?
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